Income Tax Calculator Salary New Regime Fy

Income Tax Calculation (New Regime):

\[ Taxes = Income\ Tax\ (New\ Regime) + Professional\ Tax \]

Income Tax (INR, new regime):

Professional Tax (INR):

Total Tax:

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1. What is the New Tax Regime?

The new tax regime offers lower tax rates but removes most deductions and exemptions. It's optional for individuals to choose between the old and new regimes when filing returns.

2. How Does the Calculator Work?

The calculator uses the new regime tax slabs:

Up to ₹3,00,000: Nil
₹3,00,001 - ₹6,00,000: 5%
₹6,00,001 - ₹9,00,000: ₹15,000 + 10% of income above ₹6,00,000
₹9,00,001 - ₹12,00,000: ₹45,000 + 15% of income above ₹9,00,000
₹12,00,001 - ₹15,00,000: ₹90,000 + 20% of income above ₹12,00,000
Above ₹15,00,000: ₹1,50,000 + 30% of income above ₹15,00,000

Professional tax is added based on state rules (varies by state).

3. Importance of Tax Calculation

Details: Accurate tax calculation helps in financial planning, investment decisions, and ensures compliance with tax laws.

4. Using the Calculator

Tips: Enter your annual income in INR and select your state of employment to calculate your tax liability under the new regime.

5. Frequently Asked Questions (FAQ)

Q1: Should I choose the new tax regime?
A: The new regime benefits those with few deductions. Compare both regimes to see which saves you more tax.

Q2: Are there any deductions available in new regime?
A: Only standard deduction of ₹50,000 for salaried individuals is available.

Q3: What is professional tax?
A: State-level tax on employment, deducted monthly by employer (varies by state).

Q4: Can I switch between regimes every year?
A: Yes, you can choose a different regime each financial year.

Q5: Is cess included in this calculation?
A: No, health and education cess (4%) would be additional to the calculated tax.